In order to address certain market issues and improve the operational framework, a new co-insurance agreement will be concluded on 5 December 2014 between IRDA-licensed non-life insurers operating in the Indian market. In the future, if an additional IRDA non-life insurer is authorized, that additional non-life insurer may agree to underwrite and comply with this co-insurance agreement by that additional non-life insurer from the date of commissioning, by signing at the end of this Agreement. This may be subject to review by the General Insurance Council, given the need to promote co-insurance activity on healthy lines and mutual understanding between insurers. This co-insurance agreement would only apply in cases where policies are issued to other persons. c. The lead insurer shall promptly communicate the details of the claim to all subsequent co-insurers in accordance with the standard format required in Annex “B” to this Agreement. Each insurer appoints a Nodal Officer (NO) in its corporate office who handles all disputes related to co-insurance. In the case of a complaint that is not resolved at Level 2, the first party may send a copy to the respective CEOs of the parties involved, who must resolve the matter within 14 business days of receipt of the complaint. If no response is received within the time limit or if the response received is not satisfactory, the first part of Phase 4 may continue this escalation mechanism. In the event of a breach of the terms of this co-insurance agreement, in the event that one member of the co-insurance agreement feels aggrieved by the action of another, the dispute shall be settled as follows.
c. Any approval after the issuance of the policy must be strictly in accordance with the laws and cultures governing the activity in question, and the adjustment of premiums, if any, is carried out in accordance with the co-insurance clause and clause IV above. It is agreed by and between all insurers that specialised insurance companies will not share the risk in activities other than those for which they were granted by the Authority under this co-insurance agreement. k. The coinurer(s) shall meet all requirements of the pen insurer in accordance with the letter and spirit of this Agreement and disputes or disagreements shall not relieve the defaulting coinurer of interest rate liability, unless such decision is explained by a decision of a competent commission in accordance with clause XI below. The lead insurer shall pay in full the commission/remuneration of the insurance agents/brokers/intermediaries or insurance intermediaries concerned, if any, in accordance with the order of the insured, and shall recover the share of the coinsurers through a net statement. . . .